What Happens When Your House Goes into Foreclosure?

Mark Weinstein's Foreclosures Legal Blogs

Licensed for 21 years

Attorney in Cumming, GA

Mark Weinstein

Free initial consultation

Serving Cumming, GA

  • Serving Cumming, GA

  • Free initial consultation

Attorney at firm Law Offices of Mark Weinstein, P.C.

Serving Cumming, GA

Free initial consultation

Awards AV Preeminent

The
foreclosure process is pretty straightforward, and it helps if you know
what to expect when this happens. This is a VERY common question at our
firm.

Question: What happens when your home goes into foreclosure?

My Answer: 
If your house has been foreclosed upon then you no longer own the
house.  If that is the case, then the new owner, a bank or private
owner, will soon be in touch with you to discuss your vacating the
property.  If you do not voluntarily vacate then an action to evict you
from the house may be brought against you.  To get you to cooperate, the
bank may offer you money to voluntarily hand over the property in good
condition.  This is sometimes referred to as a" cash for keys" program.

Pre-Foreclosure

If
the house has not yet been foreclosed upon
, but you have received
notice that the bank or other lien holder intends to foreclose on the
home, then you have several options.  

These include, among others: 

  • Coming current on your mortgage and seeking to have the bank reinstate
    the mortgage; 

  • Walking away from the home and letting the bank foreclose; 

  • Giving the bank a deed in lieu of foreclosure; 

  • Selling the house and
    paying off the mortgage or getting short sale approval from the bank in
    the funds obtained from the sale are not sufficient to cover the
    mortgage; 

  • Filing for bankruptcy to get a stay that will temporarily stop
    the foreclosure which may buy you time to latter re-assume
    the mortgage.  

You
may also qualify for a loan modification program. But, you need to be
careful because while you are trying to work out a loan
modification, often the foreclosure process continues to proceed. Before
you can complete the loan modification, you may find that the
bank has already acted to foreclose on your home. 

Unfortunately, this
has happened to many homeowners.  Some of these homeowners may then have
an action for wrongful foreclosure depending on the precise
circumstances, but it is better to be proactive and not wait until you
house is actually foreclosed upon. 

If you are
facing foreclosure, you should seek the assistance of an attorney to
discuss which options may be right for you in your particular
circumstance.

For Further information about our firm and the services we offer, visit our website:

The
foreclosure process is pretty straightforward, and it helps if you know
what to expect when this happens. This is a VERY common question at our
firm.

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